MoviePass Parent Sees Stock Collapse Amid Outages
MoviePass users on Monday faced a black screen with an "error" message when trying to use their subscription cards to acquire movie tickets.
MoviePass subscribers were unable yet again to use their subscription cards Monday to purchase movie tickets, which sent stock in parent Helios and Matheson into a freefall. "Error getting available plans. Please refresh your browser," MoviePass subscribers read when clicking onto the website.
Stock in Helios and Matheson Analytics fell $1.20, or 60 percent, on Monday to close on the NASDAQ Exchange at 80 cents, before continuing to slide in after-hours trading.
Having gone under $1, shares in Helios and Matheson now risk a delisting on the NASDAQ. As the stock fell Monday, in Los Angeles, for example, one of the few theaters available to subscribers appeared to be the Landmark.
The MoviePass parent couldn't be reached for comment on Monday. But the latest technical difficulties mean MoviePass users weren't able to use subscription cards to see Mission: Impossible — Fallout on its opening weekend, with or without a surcharge.
On Saturday, MoviePass on Twitter told users: "We are very sorry to users having issues checking-in this evening. Some users have reported issues with card-based check-ins and we are working towards a fix on this technical issue. In the meantime, all e-ticketing remains fully functional."
And Monday, MoviePass chief Mitch Lowe reportedly told staff that other major new releases, such as Disney's Christopher Robin, which debuts Friday, and Warner Bros.' shark movie The Meg, opening Aug. 10, may likewise be off-limits going forward, according to Business Insider.
The MoviePass service boasts 3 million subscribers who pay $10 a month for a ticket per day, only to be plagued by technical difficulties through July. The latest outage follows MoviePass introducing peak pricing, whereby it charges an estimated $2 to $6 extra if users wish to see the most popular movie titles at the most crowded showings.
MoviePass has also faced new competition from AMC, as the nation's largest movie exhibitor launched its own service where subscribers get three tickets a week for $20 a month.
July 30, 9 p.m. Updated.